New Zealand share prices closed 0.27 percent lower on Monday in typically lacklustre trading at the start of the week, dealers said. The benchmark NZX-50 index fell 8.51 points to 3,128.67 on thin turnover worth 54.4 million dollars (38.0 million US). There were 43 falls and 36 rises among the 121 stocks traded.
Stuart Hardie, investment adviser at ABN Amro Craigs, said trading was lethargic with low volumes as the index moved in a narrow range. "There is no real news out today. The market is in a holding pattern waiting for mergers and acquisition activity or something to kick it along," Hardie said.
Among leading shares, Telecom was unchanged at 2.72 dollars, Fletcher Building fell four cents to 7.91 and Contact Energy fell five cents to 6.01. Air New Zealand fell four cents to 1.21 dollars after going ex-dividend, as did Steel & Tube, which fell 16 cents to 3.39. Fisher & Paykel Appliances fell one cent to 77 cents and sister company Fisher & Paykel Healthcare fell five cents to 3.32.
Casino firm Sky City rose five cents to 3.33 dollars, Mainfreight rose seven cents to 5.20 and stock exchange operator NZX rose five cents to 7.90. Retailers showed little reaction to data showing retail sales declined in July. Michael Hill International rose one cent to 76 cents, Hallenstein Glasson fell one cent to 2.97 and discount chain The Warehouse fell three cents to 4.22.